Cymer Reports Record Revenue, 14% Layoff Planned (100+ jobs)

[UpInArms]

http://www.sandiego.com/sdbusiness.jsp?id=409

SAN DIEGO -- Cymer Inc. reported the greatest quarterly revenue in its history today, but the equipment maker is laying off 14 percent of its workforce due to a semiconductor industry slowdown.

Total revenue for the third quarter was $107.1 million, a 68 percent increase over the $63.9 million posted in the third quarter of 2003. It was also a sequential increase of 13 percent over the $94.9 million in total revenue for the second quarter of 2004.

<snip>

As a result, Akins expects "lower quarterly revenue levels in the near term" and the company will layoff approximately 14 percent of its workforce this week.

"During the recent upturn, we kept our head count in line with the volume of our business, and this adjustment is related to the lower volumes we anticipate near-term," Akins said.

The company also plans to reduce its inventory by approximately 10 percent in the fourth quarter, said Nancy Baker, Cymer's chief financial officer.

...more...

[BlueJazz]

1. The company also reports that if these profits don't stop...

...management may have to lay off everyone. :)